Bangladesh and India are going to sign a deal for bilateral cooperation for the promotion of textile and jute sectors as textiles and jute minister Abdul Latif Siddiqui is set to visit New Delhi later this week, officials said. ‘He (Siddiqui) will leave here on August 19 to hold talks with his Indian counterpart KS Rao . . . a memorandum of understanding will be signed for intensified bilateral cooperation for the promotion of textiles and jute during the visit,’ a textiles ministry spokesman said.
An Indian High Commission statement, meanwhile, substantiated his comments saying the MoU would pave ways for cooperation in fashion technology, skill exchange, and productivity enhancement; techno-commercial collaboration in development of textiles.
It said the deal aimed at upgrading and enhancing production efficiency, management techniques, training, R&D etc; cooperation and facilitation in participation in trade exhibition and buyer-seller meet; making a provision for supply of agreed quantum of jute and jute goods from Bangladesh to India every year.
Jute and textiles form more than 50 per cent of Bangladesh’s exports of $563.96 million to India in the financial year 2012–2013.
Bangladesh exports to India grew by 13.15 per cent in the FY13 compared to the previous FY while export of raw jute alone grew by 17.5 per cent during the period.
During the FY12, the jute export was worth $113.9 million while the amount stood by $133.9 million in the FY13.
During the same period export of jute goods grew 6.7 per cent or from $73.3 million to $78.2 million.
The Indian High Commission statement said after the removal of duty and quota on readymade garments in September 2011, Bangladesh exports of woven and knitwear RMG to India registered an increase of 53 per cent in the FY12 compared to the FY11.
In the FY13, exports in this sector again grew by 36.7 per cent and thus the exports of woven and knitwear RMG grew from $35.9 million in the FY11 to $75.20 million in the FY13 registering a growth of 109.5 per cent in a two-year period.
-With BSS input
